What we’re doing at The Nottingham for Intermediaries
We know you might be worried about the impact of Coronavirus on you, your businesses and your clients so we wanted to share what we’re doing at The Nottingham for Intermediaries.
The health and safety of our team and broker community is our top priority. We’re constantly monitoring the latest developments in relation to COVID-19 and acting on official Government advice to keep you and our teams safe.
Changes to criteria
We have reviewed our lending policies to take account of the current pandemic, and to ensure that we can continue to lend responsibly, we have updated our lending policy:
- If your client is furloughed, Gross Basic income will be capped at 80% of income up to £30,000 in line with the Government furlough scheme unless it can be evidenced that they are in receipt of more income i.e. because employer is committing to topping up to 100% of wages or above the £30,000 limit
- If your client is self-employed and using the Government self-employed income support scheme, income will be capped at 80% of previous tax year profits up to £30,000 in line with the scheme rules. Where not on a Government scheme, assessment will be as usual. If your client is not currently in receipt of income, then no income will be assessed
- We will continue to accept guaranteed overtime, bonuses, shift allowances and other pay, where it can be evidenced that this income can still be relied on. At present, we will not be able to accept regular overtime, regular bonus, regular shift allowance, annual bonus or commission as assessable income
- If your client is remortgaging from another provider, and has taken a payment deferral, the application will be acceptable where your client has restarted payments.
Here for our broker network
Whilst Coronavirus has impacted our face to face activity, The Nottingham for Intermediaries remains open for business. Our business development manager (BDM) team are working hard from home and continue to support our broker community with telephone appointments and conference calls. If there’s anything we can help you with please contact your individual BDM and you can find out who this is on our Intermediary website.
New brokers can register here and we will continue to launch new products and support brokers with new cases as normal.
Supporting mortgage customers
- We are urging mortgage customers who are affected by Coronavirus, due to illness, self-isolation or any other factor, and are worried about future payments, to contact us. There are a number of ways we could help including:
- Changing the way payments are made or the date they are paid
- Agreeing on reduced payments for a period
- Arranging a new payment plan
- Look to increase a mortgage term to a longer period of time to reduce monthly payments
- A payment holiday of up to three months with interest capitalised at the end of the period and assurance that there will be no adverse effect on their credit record during this time
Mortgage customers experiencing serious financial difficulty because of coronavirus are being encouraged to contact our customer support team on 0344 481 4444 or via email to email@example.com to go through their individual circumstances and discuss the best options to help.
Protecting our teams
To help us to maintain our services to brokers, we are following recommended guidelines for workplaces as well as regularly communicating and sharing advice with our BDM team who are working from home. We have acted immediately where any cases of self-isolation are required to protect vulnerable colleagues.
We have also been assured that the trusted partners that provide services on our behalf are following official guidance and taking the right steps to maintain the safety of our members and teams.
Keeping you informed
If Government advice changes, we'll use this page and our social channels to keep you up to speed but rest assured we’re doing all we can to ensure we’re here for you throughout.